Suntech's European Subsidiary Granted Provisional Moratorium
WUXI, China, April 10, 2013
WUXI, China, April 10, 2013 /PRNewswire/ --Suntech Power Holdings Co., Ltd.
(NYSE: STP) ("Suntech Holdings" or the "Company") today announced that Suntech
Power International Ltd. ("SPI"), the Company's principal operating subsidiary
in Europe, has been granted a provisional moratorium for two months on
creditor claims by the judicial authorities in Schaffhausen, Switzerland.SPI
had applied for the provisional moratorium as a result of over-indebtedness, a
requirement under local law and regulations. The majority of SPI's debt is
Suntech inter-company debt.The court has appointed an administrator to assess
SPI's financial conditionandthe prospects of reaching a composition
agreement with creditors to restructure SPI's outstanding debt. SPI will
continue its operations and serve its European customers during this period.
"The goal of the provisional moratorium is to allow time to restructure debt,
primarily inter-company debt. During this process, we are committed to
continuing to deliver high-quality solar products to our customers in Europe,"
said David King, Suntech's CEO.
Other than the insolvency and restructuring of Suntech Holdings' Chinese
subsidiary Wuxi Suntech Power Co., Ltd. and the SPI composition proceedings,
Suntech Holdings is not aware of any similar proceedings regarding any of its
Suntech Power Holdings Co., Ltd. (NYSE: STP) produces solar products for
residential, commercial, industrial, and utility applications. With regional
headquarters in China, Switzerland, and the United States, and gigawatt-scale
manufacturing worldwide, Suntech has delivered more than 25,000,000
photovoltaic panels to over a thousand customers in more than 80 countries.
Suntech's pioneering R&D creates customer-centric innovations that are
designed to drive solar to grid parity against fossil fuels. Suntech's mission
is to provide everyone with reliable access to nature's cleanest and most
abundant energy source.
Safe Harbor Statement
This press release contains forward-looking statements. These statements
constitute "forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, and as defined in the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking statements can
be identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar statements,
and includes SPI's ability to enter into a composition agreement with
creditors and restructure its debt. Further information regarding these and
other risks is included in Suntech's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F. Suntech does
not undertake any obligation to update any forward-looking statement as a
result of new information, future events or otherwise, except as required
under applicable law.
SOURCE Suntech Power Holdings Co., Ltd.
Contact: Weber Shandwick, Shashin Surti, +86-21-2411-0046,
Suntech@webershandwick.com for Suntech Power Holdings Co., Ltd.
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